Hot SourceIMANI Africa, in collaboration with international partners, is conducting an extensive investigation into governance challenges within Ghana’s petroleum midstream and downstream sectors areas that have increasingly come under scrutiny in recent years.
The investigation, which involves the Organised Crime and Corruption Reporting Project (OCCRP) and the International Centre for Asset Recovery (ICAR), is currently focused on the activities of a former top executive of the Bulk Oil Storage and Transportation Company Limited (BOST), identified as Mr Albert ‘M’ (full name withheld for now).
Mr Albert ‘M’ was recently dismissed from BOST, where he held a strategic position overseeing petroleum product sales, depot allocations, and coordination with key industry stakeholders. He has since become a person of interest and is reportedly being pursued by investigative agencies.
According to documentation from OCCRP and ICAR, Mr Albert ‘M’ acquired a United Arab Emirates (UAE) residence permit on 8th May 2023, issued by the Ras Al Khaimah Economic Zone (RAKEZ), listing his occupation as “investor” with Cardin General Trading FZ-LLC as his employer. The ID number, partially redacted for privacy, was valid until 7th May 2025.
On 25th September 2023, Mr Albert ‘M’ is said to have purchased a high-end property in Dubai’s Al Hebiah Fifth district for over US$5 million. The property was acquired from Island Oasis Properties under a sole ownership agreement, with no mortgage recorded.
Alarmingly, there is no record of this asset being declared to Ghana’s Auditor-General, as required under Article 286 of the 1992 Constitution and the Public Office Holders (Declaration of Assets and Disqualification) Act, 1998 (Act 550).
Further concerns have been raised about Mr Albert ‘M’s simultaneous involvement with Cardin General Trading while serving in a senior management role at BOST, an apparent breach of the code of conduct for public officers. Additionally, his ability to fund such a high-value acquisition on a salary of approximately GHS 30,000 a month has prompted questions about the source of his wealth. Under Ghana’s Anti-Money Laundering Act, 2020 (Act 1044), unexplained wealth could trigger investigations into potential illicit enrichment.
IMANI’s Founding President and CEO, Franklin Cudjoe, stated: “We have been forced to disclose some of Mr Albert ‘M’s offshore activities because, after initially agreeing to respond to our email following a phone conversation four weeks ago, he has since gone silent. All his known local and international phone numbers are now unreachable.
“By this publication, we are giving him a final opportunity to cooperate. He is at liberty to have his lawyers reach out to ours. Some former government appointees are cooperating, and their responses are being evaluated. I urge other public officials yet to be contacted to respond within the specified timeframe and to be truthful in their disclosures.”
IMANI has for years raised concerns about the transparency and governance of the now-defunct Gold for Oil programme. Despite repeated, evidence-based criticisms, authorities failed to strengthen its oversight mechanisms.
The organisation’s latest collaboration with OCCRP and ICAR forms part of its longstanding efforts to push for accountability in state-controlled fuel trading and other resource sectors.
“We hope the current administration is taking note and will work closely with governance actors to ensure that commercial government-linked programmes particularly in petroleum, gold, and cocoa are backed by robust transparency and accountability frameworks,” Mr Cudjoe added.
OCCRP and ICAR are internationally respected for their work in exposing transnational corruption, including money laundering schemes, the use of shell companies, offshore tax havens, and state capture.
Sources close to the investigation reveal that legal filings have already been made in Ghana, the United States, the United Kingdom, Canada, South Africa, and the UAE, jurisdictions where some former public officials are believed to have acquired properties and stashed assets.
The project is expected to produce actionable outcomes, potentially empowering Ghanaian anti-corruption agencies. The findings may reshape public reputations, shift political narratives, and trigger international cooperation on asset recovery.
Below is what IMANI circulated on Monday
IMANI has been working with its international partners on a wide-ranging investigation into critical sectors of the economy.
Currently, the focus is on the petroleum midstream and downstream sectors, as it has in the last couple of years become the scene of some serious governance challenges.
Mr. Albert ‘M’, (full name withheld for now), a former employee of the strategic state outfit, Bulk Oil Storage and Transportation Limited (BOST), is a person of interest who has been contacted by investigative agencies.
Until he was fired recently, his role at BOST included strategic oversight of petroleum product sales, depot allocation, and coordination with key industry players.
Per documentation from the Organised Crime and Corruption Reporting Project ( OCCRP) and the International Centre for Asset Recovery ( ICAR) Mr. Albert ‘M’ obtained a UAE residence card with identification number (ID) 784-1982-5224dxxx-x, and his occupation was an investor with Cardin General Trading FZ-LLC being his employer.
Mr. Albert ‘M’s UAE ID was issued on May 8, 2023, by Ras Ali Khamah Economic Zone (RAKEZ) and expired on May 7, 2025.
Mr. Albert ‘M’ on September 25, 2023, bought property at the plush Al Hebiah Fifth in Dubai for over $5 million from Island Oasis Properties, and the ownership type was sole without mortgage.
Surprisingly, there are no records of Mr. Albert ‘M’ disclosing his high-value Dubai property to the Auditor-General as required under Article 286 of the 1992 Constitution and Act 550.
Mr. Albert ‘M’s involvement with Cardin General Trading FZ-LLC while working in BOST’s top management seems to point to clear breaches of the code of conduct for public officers.
Apart from that, Mr. Albert ‘M’s ability to finance the purchase of a property in Dubai raises concerns about his source of wealth and, under Ghana’s Anti-Money Laundering Act (Act 1044), could constitute enrichment or unexplained wealth if not matched to verified income. He earned about GHC 30,000 a month.
Mr. Franklin Cudjoe, IMANI’s founding president and CEO whose organisation, IMANI is working closely with OCCRP and ICAR said, “we have been forced to disclose some of Mr. Albert ‘M’s many offshore activities because since reaching out to him on the phone four weeks ago and he agreed to respond to our initial email, he has failed and all his local and international phone numbers are unreachable. We are, by this publication, giving him a final opportunity to cooperate with the team. He is at liberty to have his lawyers reach out to our retained lawyers. Some former appointees of the last government are cooperating, and their responses to questions are being evaluated. I will urge other public officials who are yet to be contacted to respond within the specified time given to them, and they should be truthful with their responses.”
IMANI has long been concerned about the quality of the transparency and accountability regime implemented for the defunct Gold 4 Oil program. Despite persistent and well-researched critiques of the program by our analysts, the authorities refused to improve the governance of the program.
This collaboration with OCCRP and ICAR into the murky dealings of some executives within the state-controlled fuel trading sector is in line with IMANI’s unrelenting efforts to pursue the accountability it has been demanding for several years now.
“We hope that the new government is learning lessons and would be more minded to cooperate with all governance stakeholders to ensure that government-exposed commercial programs in sectors like petroleum, gold, and cocoa are complemented with strict accountability and transparency mechanisms”, Mr. Cudjoe added.
OCCRP and ICAR are globally renowned and reorganized for cross-border investigations into corrupt politicians and public officials, and areas that are being closely monitored include complex money laundering networks, shell companies, offshore tax havens, state capture, kleptocracy and systemic abuse of power.
Already, papers have been filed in Ghana, the USA, the UK, Canada, South Africa, and the United Arab Emirates, where the suspected former appointees are alleged to have purchased properties and stashed money in various accounts.
The project is expected to yield actionable findings with some of Ghana’s anti-corruption agencies, and the fallout would rewrite reputations, shift political narratives, and trigger international cooperation and asset recovery.
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